Bangko Sentral ng Pilipinas, the Philippine central bank, is strengthening its cyber security surveillance in light of the recent Swift hacking saga. Nestor Espenilla, the central bank deputy governor in charge of banking supervision, says it wants to reinforce its defences and is also considering regulating Bitcoin firms due to money laundering issues. This development […]
A technical outage of the Amazon Web Services (AWS) cloud this weekend left many customers of Australian banks unable to use cards, ATMs and Eftpos terminals. The banks affected include Westpac, ME Bank and Commonwealth Bank of Australia (CBA). Some also pointed the finger of blame at payment providers such as First Data. Just a […]
Emirates NBD is planning to launch the UAE’s “first” digital bank targeted at millennials. The new bank is part of its three-year AED 500 million ($136 million) strategy to improve its processes, products and services. Shayne Nelson, group CEO of Emirates NBD, says this “digital transformation plan” is its “commitment to the future”. The bank’s […]
Nymbus, a US-based core banking software vendor, has acquired fellow supplier R. C. Olmstead (RCO), to gain a foothold in the Midwest credit union market. RCO comes with 46 customers, all in the low-tier segment. These include Wilkes-Barre City Employees CU, Dover-Phila FCU, McDonald Community FCU, Toledo Metro FCU and Yorkville Community FCU. RCO has […]
It’s difficult to avoid writing about distributed ledger technologies, so we won’t. Last month Australian Craig Wright claimed to be the elusive inventor of bitcoin, Satoshi Nakamoto. Displaying uncharacteristic scepticism, many mainstream media outlets doubted his claims. Whether it’s true or not, the story attracted great interest. Distributed ledger, blockchain (some argue the two are […]
“Youth is wasted on the young,” so said George Bernard Shaw. Only recently I read that this wasn’t exactly the quote he gave. To the question of what is the most beautiful thing, the Irishman responded: “Youth is the most beautiful thing in this world—and what a pity that it has to be wasted on […]
The European Commission has approved the proposed acquisition of Visa Europe by Visa Inc. This concludes all regulatory approvals required for this deal to go ahead, as the Jersey and the Turkish competition authorities have already given their stamps of approval. The transaction is expected to close in Visa Inc’s fiscal Q3 2016. The takeover […]
You are the weakest link. Goodbye. Banks with inadequate cyber defences could find themselves booted off Swift’s payment network, warns Swift CEO Gottfried Leibbrandt. The threat from Leibbrandt follows a spate of hacks. Investigators are looking at more potential computer breaches following three attacks – a $101 million cyber heist in Bangladesh – the biggest […]
Temenos is believed to be heading towards a new contract for its T24 core banking in the US, Banking Technology understands. Commerce Bank is going to renovate its core processing software – and the system selection is nearing completion. Two vendors are believed to be on the shortlist – Temenos with T24 and Fiserv, which […]
Fifteen years ago, banks were still embracing telephone banking and online payment systems were still in their infancy. At the time, the impact these systems had on the IT manager were minimal. The IT manager’s role might have been to ensure that call centres managed to peak efficiency, or to ensure that the right IT […]
The Banking Industry Architecture Network (BIAN), a not-for-profit fintech industry body, has added three new members to its global network. These are Misys, First Horizon and Al Rajhi Bank, the world’s largest Islamic bank. The total count of BIAN members now stands at 64, comprising banks, software and service providers, and academic partners. Hans Tesselaar, […]
Germany’s largest building society, Bausparkasse Schwäbisch Hall, is modernising its core banking operations with SAP. The building society is implementing SAP’s Deposits Management and Loans Management systems. The project has been underway since late 2015. Bausparkasse Schwäbisch Hall was established in the 1930s. Today, it has 7.5 million customers in Germany and over three million […]
UK-based regulatory reporting and risk management software vendor, AxiomSL, has signed the local operations of Union Bank of India for its flagship product, XBRL. XBRL will automate regulatory reporting to the UK’s regulator, Financial Conduct Authority (FCA), at Union Bank of India (UK). AxiomSL says the project comes as part of the bank’s compliance with […]
The latest edition of our flagship magazine – Banking Technology – is out now, packed with news, analysis and insights, case studies, research and expert commentary.
The European Central Bank (ECB) has officially launched a procurement tender for a new treasury management system (TMS). The ECB’s current TMS platform is Wallstreet Suite, supplied by Wall Street Systems (now part of Ion Trading). The bank has been using it for many years, Banking Technology understands. According to the ECB, its TMS supports […]
As banks, financial services providers and brands predict and plan for the way consumers will manage their money in the future, artificial intelligence (AI) is high on the business development strategy for 2016 and beyond. Gideon Hyde, co-founder of Market Gravity, explains how and why artificial intelligence (AI) could hold the key to standing out […]
India-based IT heavyweight Tech Mahindra is spending £112 million on Target Group, a UK-based business process outsourcing (BPO) and software vendor. Target focuses on the lending, investment and insurance sectors, claiming around 50 financial institutions in the UK as customers. Among them are Yorkshire Building Society, Shawbrook Bank, Central Trust and Masthaven. It also works […]
Student Loans Company (SLC), a large government-owned lender in the UK, is believed to have halted its IT renovation project as it puts the contract with the supplier under review. SLC embarked on this massive project in early 2014 – awarding the contract to HCL. HCL bid jointly with Deloitte and Misys. HCL would be […]
Israel’s largest bank, Bank Hapoalim, is believed to be in system selection mode. The bank is looking for a new core banking system, Banking Technology understands. It is believed that Temenos with its T24 offering, SAP with SAP for Banking and TCS Financial Solution with Bancs are among the contenders. TCS has recently made inroads […]
As Europe’s biggest e-commerce market, the UK’s e-money and payment services industries are thriving. But with the EU referendum right around the corner, are things likely to change? Craig James, founder and CEO of Neopay, explores the potential of a Brexit-shaped disruption. On 23rd June 2016, the UK public will take to the polls for […]
Standard Chartered is bringing its mobile and online banking platform to eight countries in Africa. After the roll-out to Botswana, Ghana, Kenya, Nigeria, Tanzania, Uganda, Zambia and Zimbabwe in the first half of 2016, the bank will launch fingerprint recognition technology in these markets later in the year. Karen Fawcett, Standard Chartered’s CEO for retail […]
Swedbank has restructured its management team and launched a digital banking group. The new “Group Function Digital Banking” will be responsible for digital sales support, development and innovation. The bank is looking for a permanent head of digital banking. Birgitte Bonnesen, president and CEO of Swedbank, says the changes are a “natural step” and meet […]
Financial industry has reached the point of no return: new start-ups and technologies are disrupting the traditional world of banking. All the things that were either unavailable, limited, expensive or poorly designed, now can be accessible from the third parties, which are not even close to banks. Small fintech companies are doing the job the […]
Central Bank of Somalia is embarking on a major tech overhaul, with sponsorship from the World Bank. The bank will implement a new core banking system, Temenos’ T24, and a new ERP system from Oracle FSS. Swiss IT consultancy firm Sofgen has been recruited to deliver the project. The first phase is estimated to cost […]
The Reserve Bank of India (RBI) plans an overhaul of the country’s ATMs to enable the processing of EMV chip and PIN cards by 2017. The RBI says while India’s POS infrastructure accepts and processes EMV chip and PIN cards, the ATM infrastructure, “on the whole”, continues to process card transactions based on data from […]
Greed, gluttony, anger, envy and more. The seven deadly sins of quantitative data analysts put into a nifty graphics, courtesy of Quandl.
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! Swift hacks sees 12 more banks under attack A fast moving chain of events. High five for Apple Pay in Singapore Big banks onboard include OCBC and Standard Chartered. NYSE launches new trading tech platform, NYSE Pillar The […]
Sri Lanka-based Amãna Bank has gone live with new treasury and asset management software, supplied by Path Solutions. The new products, iMAL Islamic Treasury and iMAL AssetManagement, replaced a legacy treasury and equity management platform at Amãna. Banking Technology understands that this was Sungard’s Ambit Treasury Management. The new software interfaces to Swift and supports […]
Investigators are looking at more potential computer breaches following the three hacking incidents on Swift’s payment network, according to Bloomberg. The three attacks comprised a $101 million cyber heist in Bangladesh – the biggest cyber heist in history; Vietnam’s Tien Phong Bank stopping an attempted wire fraud; and Ecuador’s Banco del Austro losing around $9 […]
OakNorth says it has become the “first cloud-based bank” in the UK, eight months after launching. The bank, which provides loans of between £1 million to £15 million to “entrepreneurs and fast-growth” businesses, has been working with Amazon Web Services (AWS) and the UK’s Financial Conduct Authority (FCA) for six months on policies related to […]
We are now in a new era of global tax reporting, with more regulations around tax transparency than ever before. To pull together a full picture on the market’s readiness for the Common Reporting Standards (CRS) and approach to the Foreign Account Tax Compliance Act (FATCA), Thomson Reuters has gathered industry views from a global […]
A new stage of interactive banking is here. Santander recently announced a new app that will let consumers speak to their phone about their spending habits. Lloyds announced a video interview mortgage service, allowing customers to apply without setting foot in a branch. And HSBC released an app which replaces a pin number for voice biometrics. This […]
Credit Suisse has opted for FIS’s Derivatives Utility for its post-trade futures and cleared over-the-counter (OTC) derivatives operations and technology. The utility provides customers with derivatives clearing operations and technology services for trade clearing, trade lifecycle management, margin processing, brokerage, reconciliation and data management. John Dabbs, global head of prime derivatives services, Credit Suisse, says […]
BBVA is partnering with Red Hat to speed up innovation and digital banking growth. The agreement, which turns Red Hat into a “priority partner” for BBVA, is part of a series of alliances that BBVA is aiming to forge. Earlier this year, it signed an alliance with Cisco, also allowing it to become a “priority” […]
This week marks exactly two years until the General Data Protection Regulation (GDPR) comes into force. It will fundamentally change the way that companies capture, manage and store information. To comply with the GDPR, financial institutions face the prospect of having to completely overhaul legacy systems and practices in just 24 months. Customer is truly […]
Object Trading, a multi-asset trading infrastructure provider, says its Direct Market Access (DMA) Service Platform is now available at TMX Group’s co-location centre for access to the Montreal Exchange (MX). With fully managed services provided at TMX Group’s co-location centre, Object Trading says it improves relationships between the buy-side and sell-side, enabling them to access […]
Saxo Bank has formed a new white label partnership with Lufax, a Chinese internet finance company. The partnership, expected to launch within the next three months, will see Lufax use the trading technology SaxoTraderGO. The bank says SaxoTraderGO will provide Lufax’s clients access across the trade cycle – from pre-trade, execution and post-trade services for […]
New York Stock Exchange (NYSE) has launched its new integrated trading technology platform, NYSE Pillar. The new platform enables NYSE participants to connect to all of its equities and options markets using a single specification. The new platform is underpinned by a matching engine – the core exchange software that runs trading – developed by […]
Swift has unveiled a five-part plan to reinforce security across its network after three hacking incidents. The attacks comprised a $101 million cyber heist in Bangladesh; Vietnam’s Tien Phong Bank stopping an attempted wire fraud; and Ecuador’s Banco del Austro losing around $9 million. At the 14th annual European Financial Services Conference in Brussels, Swift […]
Poland-based subsidiary of the BNP Paribas group, Bank BGŻ BNP Paribas, is automating its risk management ops with Wolters Kluwer’s OneSumX solution. OneSumX will support asset and liability management (ALM), liquidity risk management and funds transfer pricing (FTP) at Bank BGŻ BNP Paribas. The parties already have a long-standing relationship – BNP Paribas has been […]
